|Day's Range||1,311.80 - 1,315.20|
Oil shed some of its massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure. Investors otherwise broadly remained on the sidelines ahead of an expected interest rate cut from the U.S. Federal Reserve on Wednesday and the next round of U.S.-China trade talks on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6%.
Stocks fell and haven assets like gold and the Japanese yen gained after a weekend attack on Saudi Arabian oil facilities sent crude prices surging.
Based on the early price action and the current price at 98.145, the direction of the December U.S. Dollar Index the rest of the session on Monday is likely to be determined by trader reaction to the pivot at 98.115.
Eldorado Gold Corp is open to discussions on potentially paying higher royalties in Greece as it seeks permits needed to restart work at its stalled Skouries development, chief executive officer George Burns said on Monday. The Canadian miner will also seek a strategic partner to help fund the $680 million remaining development cost for the project, Burns said on the sidelines of the Denver Gold Forum.
Gold prices look to have established a new floor at $1,500 per ounce, Kinross Gold Corp's chief executive officer said on Monday, giving the Canadian miner confidence to push ahead with expansion plans at a key West African mine. "I don’t see a lot of technical barriers above it, but I do believe that there's people buying in to where we are today," Paul Rollinson told Reuters at the Denver Gold Forum. Kinross on Sunday said it would spend $150-million to boost capacity its Tasiast gold mine in Mauritania to 24,000 tonnes per day by 2023.
Global stocks fall after energy prices spike more than 10% raising fears of further slowing in the global economy.
Based on the early price action and the current price at $1508.10, the direction of the December Comex gold market on Monday is likely to be determined by trader reaction to the uptrending Gann angle at $1502.40 and the downtrending Gann angle at $1502.20.
Based on the early price action and the current price at 7864.50, the direction of the December E-mini NASDAQ-100 Index the rest of the session on Monday is likely to be determined by trader reaction to an uptrending Gann angle at 7838.00.
Brent opened the week with a price spike of more than 20% on reports of an attack on a significant oilfield in Saudi Arabia. Oil has made the sharpest intraday spike since the 1991 Gulf War.
Coordinated drone strikes on key Saudi oil facilities sends oil prices higher. Here's a rundown on the big winners and losers from the oil price rally.
Based on the early price action and the current price at 1.1043, the direction of the EUR/USD the rest of the session on Monday is likely to be determined by trader reaction to the 50% level at 1.1045.
Sharply higher crude oil prices for a prolonged period of time could weaken the global economy, which may already be on the brink of recession. This would force central banks who are in a position to do so, to lower interest rates dramatically, while driving up demand for gold.
SINGAPORE/LONDON (Reuters) - Saudi Aramco's trading arm is looking for oil products for prompt delivery following Saturday's attacks on Saudi oil facilities, three trade sources said on Monday. Saudi Arabia is set to become a significant buyer of refined products after the attacks forced it to shut down more than half of its crude oil output and some of its gas, consultancy Energy Aspects said in a note on Sunday. The attacks have possibly curtailed as much as 1 million barrels per day (bpd) of Aramco's refining capacity, Energy Aspects said, although this could not be confirmed and it was not clear to which Saudi Aramco refineries it was referring.
Investing.com - U.S. futures pointed to a weak opening bell on Monday as oil prices spiked to their highest level since May after drone strikes hit more than half of Saudi Arabia’s oil capacity over the weekend.
U.S. oil and energy stocks rise across the board Monday, and providing some upside support for the Dow Jones Industrial Average, after a series of weekend drone attacks on two key Saudi Arabian facilities lifted crude prices to their biggest single-day gain in more than two decades.
The dollar fell while safe havens and currencies of oil-producing countries rallied on Monday, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions. Oil prices surged nearly a fifth at one point following the strikes on two plants, including the world's biggest petroleum processing facility in Abqaiq, which knocked out more than 5% of global oil supply. Both currencies often move together with the oil price because the countries are major oil exporters.
Attacks on Saudi oil fields drove demand for the Yen and the Loonie as oil prices surged. Johnson is in focus later today and the GBP needs progress.